Just when you thought there could be no more depressing London property stories and just as you were beginning to pray that lazy journalists couldn't come up with any more contrived Olympics-related crap, along comes: First time buyers will not win housing gold until London Olympics.
'Housing gold'...God help us.
Yes the story here is that evil old house price inflation and the fact that those of us still on the 'first diving board of the property swimming pool' (see, we can do it too) will have to keep saving our pennies up until 2012.
As the cost of housing continues to soar, figures released by The Co-operative Bank show that first time buyers must save for longer in order to find the amount needed for their deposit.
If would-be homeowners saved £307.50 per month, half the current average mortgage repayment for first time buyers, it will take approximately six years and two months to save the 10 per cent deposit of £25,183 required in London by 2012. This assumes that house prices only increase by the current inflation rate of 3.6% per year.
Here's David Newman, Director of Marketing at Co-operative Bank, getting in on the wank punnery act: “This data reveals the problems new home buyers face in what is clearly for many a marathon rather than a sprint when running up a decent deposit. At a time when many British athletes will be showing greater training discipline to strike gold in 2012, the same level of commitment to saving must be shown by those looking to get their foot on the housing ladder.”
Of course, if you want to buy a house anywhere near the Lea Valley you're going to have to save up for a lot longer than six years.
P.S. The image here is what first time buyers look like according to Google Image. If that's what you have to be to own a property we'd rather rent.
